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RESIDUARY Definition & Legal Meaning

Law dictionary entry - legal definition of embargo

Definition & Citations:

grantor creates, and reserves to himself, some right, interest, or profit in the estate granted, which had no previous existence as such, but is first called into being by the instrument reserving it; such as rent, or an easement Stephens v. Reynolds, 6 N. Y. 458; In re Narragansett Indians, 20 It. I. 715, 40 Atl. 347; Miller v. Laphain, 44 Vt. 435; Eugel v. Ayer, 85 Me. 448, 27 Atl. 352; Smith v. Cornell University, 21 Misc. Rep. 220, 45 N. Y. Supp. 040; Wilson v. Higbee (C. C.) 02 Fed. 720; Ilurd v. Curtis, 7 Mete. (Mass.) 110. A “reservation” should be carefully distinguished from an “exception,” the difference between the two being this: l!y au exception, the grantor withdraws from the effect of the grant some part of the thing itself which is in esse, aud included under the terms of the grant, as one acre from a cerlain field, a shop or mill standing within the limits of the granted premises, aud the like; whereas, a reservation, though made to the grantor, lessor, or the one creating the estate, is something arising out of the thing granted not then in esse, or some new thing created or reserved, issuing or coming out of the tliiug granted, aud not a part of the thing itself, nor of anything issuing out of an- other thing. 3 Waslih. Real Prop. 045. In public land laws of tbe United States, a reservation is a tract of land, more or less considerable in extent, whicli is by public authority withdrawn from sale or settlement, and appropriated to specific public uses; such as parks, military posts, Indian lands, etc. Jackson v. Wilcox, 2 111. 344; Meehau v. Joues (O. C.) 70 Fed. 455; Calin v. Barnes (C. C.) 5 Fed. 331. In practice, the reservation of a point of law is the act of the trial court in setting it aside for future consideration, allowing the trial to proceed meanwhile as if the question had been settled oue way, but subject to alteration of the judgment in case the court in banc should decide it differently.

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